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In 2018, the A-share IPO veto rate is 36%, and the brokerage differentiation is obvious. The market is expected to pick up in 2019.

January 11, 2019 11:02
Author: Yi Xiao Yi
source: Economic observation network

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Summary
[2018 A-share IPO veto rate 36%, brokerage differentiation is obvious, the market is expected to pick up in 2019] According to statistics, a total of 105 A-share companies listed in 2018, down 76% from the previous year, will be strictly reviewed or will become normalized . The impact of this on the underwriting IPO brokerage may be the reintensification of the Matthew effect. After 2018, the market still has an optimistic attitude towards 2019. (Economic Observer Network)

In 2019, the listing of domestic companies in the A-share market gradually began. On January 8, 2019, Minsheng Securities was the principal underwriter.RobertoIntelligent Technology Co., Ltd. was listed on the GEM of the Shenzhen Stock Exchange and became the first listed company in the Shenzhen Stock Exchange in 2019.

According to statistics, a total of 105 A-share companies listed in 2018, down 76% from the previous year, will be strictly reviewed or will become normal. This pair of underwriting IPOsBrokerThe impact may be the strengthening of the Matthew effect.

  New sharesIssuance slows brokerage underwriting differentiation

On December 28, 2018, Zhongshan Jinma Technology Entertainment Equipment Co., Ltd., which was underwritten by Minsheng Securities, was listed on the GEM of the Shenzhen Stock Exchange and became the last listing company of the Shenzhen Stock Exchange in 2018.

With the completion of the last company listing, the statistics released: a total of 105 companies in the A-share market were listed. Coincidentally, the last listing company of the Shenzhen Stock Exchange in 2018 and the first listed company in 2019 were all underwritten by Minsheng Securities.

Or affected by factors such as further strict IPO audits, 105 A-share companies listed in 2018, raising funds of 138.7 billion yuan, a year-on-year decrease of 76% and 40% respectively.

In terms of the initial rate of new shares, compared with 2017, the new stock veto rate in 2018 remained at a high level, rising to 30%, and the number of IPO termination reviews increased by 36%. In January, the IPO meeting rate was only 36%, and the number of meeting was 18. In the following 11 months, the A-share IPO meeting rate was maintained between 54% and 75%, and the average monthly number of meetings was 8.

The number of listed companies decreased, brokerage underwriting declined, but the market share of head brokers increased. According to statistics,CITIC SecuritiesHuatai United Securities,CITIC Jiantou11, 10, and 10 respectively occupy the top three, maintaining a leading edge. Followed byChina Merchants Securities,CICC,GF Securities,Haitong SecuritiesBehind it,Guojin Securities,Guotai Junan,Industrial SecuritiesParallel eighth.

Minsheng Securities, Oriental Citi Securities,Soochow Securities,GoldmanGao Hua Securities,Changjiang SecuritiesWith 11 underwriters in the number of underwriting, it has a late-comer advantage.

In 2018, a total of 45 brokers had IPO investment bank numbers, of which 20 brokers had only one underwriting company. Weak marketPerformanceThe differentiation is huge, and the leading edge of leading brokerages continues to expand.

  Expected to warm up in 2019

After 2018, the market still has an optimistic attitude towards 2019.

Recently, the governor of the central bank, Yi Gang, also said in an interview that the implementation of the Central Economic Work Conference on the deployment of a major risk prevention and defensive strategy should be “prevented to prevent the stock risks and prevent various 'black swan' incidents. Keep the stock market, bond market and foreign exchange market healthy and stable."

Yang Shujuan believes that the fastest-growing science and technology board and trial registration system launched in the first half of 2019, as well as the state's policy of supporting the capital market to serve the real economy, will make the A-share activity in 2019 expected to pick up.

Which brokerage association is the winner of the IPO in 2019? According to the current IPO queuing project announced by the China Securities Regulatory Commission, there are 298 enterprises pending trial. CITIC Jiantou andCITIC SecuritiesThere are 35 and 25 respectively.GF SecuritiesThe top three are in the number of 23 projects. CICC and its outstanding performance in 2018Huatai SecuritiesThe number of projects in 18 and 17 projects is closely followed.

Minsheng Securities, which also performed well in 2018,Dongxing SecuritiesChangjiang Securities and other companies are expected to have a good performance in the new year. Among them, Minsheng Securities has an advantage in the number of 11 project reserves, and its performance in 2019 is still worth looking forward to. Who is the thickest in the coming year? The industry believes that in addition to the head brokers, there are also a number of small and medium-sized brokerage companies to achieve breakthrough opportunities, the market in 2019, is still very worth looking forward to.

(Article source: Economic Observer Network)

                (Editor: DF328)

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